Thanks To The F-150 Lightning, Ford Is Aiming To Be The 2nd Largest EV Manufacturer
Are Ford’s EV goals realistic?
by Isaac Atienza, onWhile Tesla continues to lead the electric vehicle (EV) sales race, Ford is aiming to become the second-largest EV manufacturer within the next two years. This is thanks to the huge interest that was generated by the F-150 Lightning, which will reach customers by Spring 2022, ahead of Tesla’s Cybertruck.
Just how huge is the F-150 Lightning’s contribution to Ford’s optimism? Lisa Drake, Chief Operating Officer of Ford North America, said to Reuters that retail reservations for the first-ever EV version of the F-150 are approaching 200,000 units.
If there’s one thing that Ford has over Tesla, that would be economies of scale. Thanks to the sheer popularity of the F-Series lineup as a whole, the F-150 Lightning is able to start at under $40,000 for the Pro variant, and this does not yet count existing federal tax incentives for EVs. As a result, the F-150 Lightning Pro variant is even cheaper than a base gas-powered F-150.
Speaking at an investor conference, Lisa Drake further adds that Ford is working to vertically integrate its EV production at existing facilities that build parts for combustion vehicles.
"We haven't used 'vertical integration' in this industry in a long time," Drake said, but "you're going to hear it a lot more" as Ford and other automakers transition from combustion to electric vehicles.
Ford is also working with five global battery suppliers for its EVs. These suppliers include SK On, LG Energy Solution, CATL, BYD, and Panasonic. By 2030, they aim to build 240 gigawatt-hours worth of capacity globally and bring down the cost of batteries down to $80 per kilowatt-hour.
Just like every other manufacturer developing EVs, Ford is also keen on the development of solid-state batteries, which are safer and more energy-dense than current batteries. Ford and BMW are collaborating with the Colorado-based startup Solid Power, which Lisa Drake says shall be commercialized "well before the end of the decade".
